FISHER(JAMES)& SONS PLC — M&A Activity 2024

Sep 6, 2024

National Storage Mechanism | Additional information

RNS Number : 2885D

Fisher (James) & Sons plc

06 September 2024

Fisher (James) & Sons plc

Completion of Disposal of Martek Holdings Limited for £12.1 million

James Fisher and Sons plc (FSJ.L) ("James Fisher" or the "Company" and, together with its subsidiaries, the "Group"), is pleased to announce that it has completed the sale of Martek Holdings Limited and its subsidiaries ("Martek" or the "Business") to a regional fund managed by Foresight Group ("Foresight") and the Management team ("the Foresight

Group ("Foresight")   for a total cash consideration of £12.1 million ("Total Consideration").

The Total Consideration comprises an initial payment of £10.6 million and an unconditional deferred element, of £1.5 million, payable in two equal instalments of £0.75 million on the first and second anniversary of the transaction completion date.

Headquartered in the UK, Martek is a leading international distributor of premium mission and life-critical safety, monitoring and medical equipment to the maritime industry. The Business forms part of James Fisher's Maritime Transport Division and employs around 50 people. In the year ended 31 December 2023, Martek generated revenue of £11.6 million and profit before tax of £1.4 million. 

The Disposal is in line with James Fisher's strategy to simplify and focus its portfolio through the sale of non-core assets. The net proceeds will be used to reduce leverage and strengthen the Group's balance sheet. Together with the sale of RMSpumptools completed in July 2024, the Disposal will support a further reduction in leverage towards a target range of 1.0 to 1.5 times Net Debt to EBITDA.

Jean Vernet, Chief Executive Officer of James Fisher, said:

"The sale of Martek continues our strategy to simplify the business portfolio and ensure investment remains focused on our core customer markets, including innovative new product development.

"We are confident that the Business will continue its success under Foresight's ownership, and on behalf of everyone at James Fisher, I would like to thank the Martek team for their contribution."

Enquiries
James Fisher and Sons plc
Jean Vernet, Karen Hayzen-Smith	+44 20 7614 9503
FTI Consulting	(PR Adviser)
Richard Mountain, Susanne Yule	+44 20 3727 1340

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